I can't give a comprehensive answer because there are two unknowns: One - we don't know what we are appealing, exactly - is it the phrasing of the denial? Was the denial based on a provision of Venezuelan statutory/administrative authority that we disagreed with, etc. etc.; and Two - we don't know the exact language of the "official letter."

If the original denial said that the project didn't "conform to the Environmental and Social guidelines of the Venezuelan Government," and our appeal says "we have conformed with the environmental and social guidelines of the Venezuela Government, therefore put us back on track," and this letter says - you have conformed, you are back on track." I would say that we could reasonably rely on the wording of the letter that the substance of our appeal has been addressed.

Bottom line - when in doubt CYA! I agree with the board that if it has not been specifically addressed, then we should follow through with the next step.

Blah, blah, not legal advice, not admitted to practice in Venezuela, do your own DD, don't rely on my postings on a stock message board, blah, blah....